FCA calls for an 'upfront effort' in implementing Consumer Duty

FCA chief speech at the annual City Banquet at Mansion House

Ayesha Venkataraman
clock • 2 min read

Financial Conduct Authority (FCA) chief executive (CEO) Nikhil Rathi has set out the regulator’s role in a changing regulatory landscape, highlighting its shifting approach, as well as its commitment to “hyper vigilance” to protect the consumer including via its new Consumer Duty rules.

In a speech, delivered on Thursday (27 October) at Lord Mayor's City Banquet at Mansion House, Rathi said that an "upfront effort from firms in implementing the Consumer Duty should mean fewer new rules down the line". He also acknowledged that the "timetables are demanding" and said that the regulator aims to be "pragmatic" in its oversight of implementation. Given the rising cost of living, he said that the FCA remained "ever more vigilant to actors preying on consumers' vulnerabilities" and that it is intervening at its "fastest pace ever against problematic financial promotions, e...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

FCA releases best practices for Consumer Duty board reports

FCA releases best practices for Consumer Duty board reports

Focus on data quality

Cameron Roberts
clock 12 December 2024 • 2 min read
Life assurance and assisted dying

Life assurance and assisted dying

What we can learn from global policies

Tony Müdd
clock 12 December 2024 • 5 min read
FCA announces Consumer Duty focus areas

FCA announces Consumer Duty focus areas

Market study dates

Cameron Roberts
clock 10 December 2024 • 2 min read